In 2018, Switzerland will be part of the programme for the
automatic exchange of financial information developed by the
Organisation for Economic Co-operation and Development
("OECD"). Under this programme, the Switzerland´s
private banks will put an end to bank secrecy. In other words,
Switzerland will begin to compile information about their
non-resident clients which will be then sent to the relevant tax
authorities on an annual basis. The information includes the
clients' capital income and the account balance.
Switzerland, which – according to the Swiss Bankers
Association ("SBA") – manages 25% of cross-border
assets, had a financial system impenetrable to third parties who
attempt to obtain data about their residents holding accounts in
Switzerland. So far this country only sent information upon request
of each of the countries with whom it had entered an agreement to
avoid double taxation. However, the cooperation was not ensured
since the requesting country
